Organizing in England

Citizens UK Calls on (Payday) Lenders to 'Respect the Cap'

Campaigners will today mark a new cap on payday loans by calling on the Government to set up a community finance fund. New rules from the Financial Conduct Authority will require lenders to cap their interest rates at 0.8% a day, charge no more than £15 for a default, and never charge a customer more than twice the amount they originally borrowed. Wonga, the UK's biggest payday lender, has responded by imposing a cap on the cost of its short-term loans."